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The Internal Revenue Service accepted over 470,000 electronically filed tax returns claiming $977 million in dubious deductions for automobile loan interest.
Updated for tax year 2026. You probably know that claiming income tax deductions reduces your taxable income. But did you know that […] The post Itemized Deductions vs. Above-the-L...
Tax reform in 2018 changed the nature of filing your tax return by increasing the standard deduction and making most taxpayers ineligible for … Source
Experts argue that since MDR fees are akin to other operational costs, such as rent and salaries, they should qualify for deductions, ultimately reducing the effective cost for com...
The “no tax on” deductions show the drawbacks of using narrowly tailored provisions to provide tax relief.
The ITAT Chennai bench viewed the increase from Rs 3 lakh to Rs 25 lakh as an enhancement of an existing benefit, rather than the creation of a new exemption. The Tribunal also fou...
Section 54GB Exemption on Start-up Investment: ITAT Allows ₹1.48 Crore Deduction Proportionate investment qualifies, extended deadline applies and there is no ₹50 lakh cap, say...
You could lower your taxable income by $2,500 with the student loan interest deduction. Here's how it works. The post Student Loan Interest Deduction: 2026 Income Limits, Who Quali...
Mumbai's Income-Tax Appellate Tribunal has declared that two flats can be categorized as a single residential house. This pivotal decision paves the way for taxpayers to leverage d...
For income-seekers, venture capital trusts can provide a rich seam of tax-free dividends to complement income from other sources such as pensions and Isas.
For Assessment Year 2019-20, the woman reported an income of Rs 18.41 lakh in her ITR and claimed credit for Rs 3.91 lakh in TDS. However, she was given credit for only Rs 79,030,...
If you rely on tips as part of your paycheck, you’ve likely heard about the new no tax on tips […] The post No Tax on Tips: What Tipped Workers Need to Know About the New Deduction...
Taxpayers who have made or plan to make charitable donations during the year should keep good records of all their contributions. Organized records can make tax filing easier and h...
Here’s an updated look at what the IRS considers qualified education expenses for tax year 2026, and what other tax […] The post Tax Breaks Students (and Parents) Can Claim This Ye...
Section 43B: Unpaid Service Tax Cannot Be Disallowed When No Deduction Was Claimed ITAT Dehradun | Schlumberger Solutions (P.) Ltd. v. ACIT | [2026] 185 taxmann.com 786 | Order...
Car Loan Interest Deduction, T.D. 10054, 91 Fed. Reg. 18219 (scheduled for publication Sep. 8, 2026) The release of the final regulations under Treasury Decision (T.D.) 10054...
As the winter months approach and the nights begin to roll in, many businesses start to plan and book their annual Christmas bash. What is often the most anticipated gathering of t...
The Income Tax Department also noted that the individuals had not filed an income tax return (ITR) for the relevant year. This meant the department did not have details of the inco...
Understanding the SALT tax deduction (state and local tax deduction) can help you maximize your itemized deductions by reducing your […] The post The SALT Tax Deduction Explained:...
A Singapore-based NRI who paid ₹1.70 lakh in capital gains tax on Indian mutual fund investments has won a refund after ITAT Pune upheld his claim under the India-Singapore DTAA. T...
Student loans aren't income, interest is deductible up to $2,500, forgiveness can be taxable, and default can cost you your refund. Here's how each rule works for the 2026 tax year...
The post Income Tax Calculator for Salaried Individuals: A Simple Guide appeared first on Myinvestmentideas.
Good evening all, new member here and have a question! I was thinking about taking a loan out of one of my 401k accounts to buy a truck, can you write that off on your taxes? It is...
The shop owner said that deposited cash had come from sales generated by his pharmacy and had been properly recorded for in the concerned business books. To support his explanation...
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